NUPRC seeks financing for petroleum operators

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on financial institutions to support operators in Nigeria’s petroleum sector in expanding domestic gas production.

Oritsemeyiwa Eyesan, Commission Chief Executive, NUPRC, stated this during a courtesy visit of top executives of Rand Merchant Bank (RMB) to the Commission headquarters in Abuja.

Eyesan emphasised the importance of collaboration between regulators, financiers and operators to unlock investment and accelerate growth in the country’s gas sector.

“One critical element will be financing, and we are hoping that you and the financial world will be there to support us. We will ensure that the industry operates in accordance with the Petroleum Industry Act and all other regulatory instruments,” Eyesan said.

She disclosed that the industry’s appetite for investment is very strong, as evidenced by interest in the ongoing 2025 licensing bid round, which saw nearly 300 applications from IOCs and indigenous operators.

The NUPRC boss also highlighted ongoing initiatives in the energy transition, including the issuance of Permits to Access Flare Gas (PAFG) to 28 firms and a target of a 60 per cent reduction in fugitive methane emissions by 2031, among other measures aimed at promoting sustainable development in the upstream sector.

Jonathan Ross, Head of Oil and Gas Coverage at Rand Merchant Bank, said in his remarks that the bank is keen to support Nigeria’s efforts to grow oil and gas production, with a particular focus on gas development.

He described gas as a strategic priority for the bank, citing major infrastructure projects such as the OB3 Gas Pipeline as critical to unlocking the country’s vast gas potential.

The bank also acknowledged recent regulatory reforms and improvements in security in host communities, noting that Nigeria is in a stronger position to attract investment than in previous years.